EMI (UK), MEC (Canada), Kmart (US), Pages Jaunes (France), New Look (UK), Camaïeu (France), Naf-Naf (France), Toys “R” Us (US), André (France), Postmedia (Canada): the economic press reg ularly reports on emblematic restructurings involving companies under leveraged buy-out (LBO). In France, the French Association of Investors for Growth (AFIC), which became France Invest in 2018, representing financial professionals specializing in this field, emphasizes the contribution of its members “to economic dynamism” and “the creation of value for the company”, as well as their “leading position on environmental, social and governance issues”. What is it really like? This chapter proposes to analyze the private equity industry, its objectives, its actors, to decipher the legal and financial mechanisms implemented during the acquisition of companies and to study the economic and social consequences.